Citicorp is not the largest holder. That is a nominee account...

Citicorp is not the largest holder. That is a nominee account which contains the holdings of an unknown number of shareholders. Any one of those shareholders or a combination of them may have bought those shares in the cr and any one or a combination of them might have sold those shares after the cr.

Pilbara Minerals was being bought in December by Australian Super at the depths of the lithium correction and at the time the stock was being heavily shorted. That buying by Australian Super was despite predictions that the lithium price may fall further this year and next year and it has been followed by more shorting to take the shorts to record levels.
Who is right and who is wrong?
Probably both sides. The shorter's expect a lower share price with further lithium price weakness in the near term and Australian Super is using the sp weakness to buy for the long term knowing that the lithium price will eventually stabilise and that the company's low cash costs and expansion plans will make the stock a good investment.

The same argument applies over the Mnb sp and buyers and sellers. I know that they are completely different companies but that's not my point. The point is that just because one group of sellers is selling for short term reasons doesn't make them any more right or wrong than the buyers that may be looking forward and taking advantage of lower prices while knowing that the sp might go lower still. Mnb is of course much less liquid so looking at the current sp direction and drawing conclusions about the company's odds of success from that is no less ill-informed than Assuming Pilbara is a bad investment because of record shorts. I think most here expected the shares to get sold down because of the cr with that attaching option and we have seen and are still seeing that. None of that changes the fact that the IDC loan was approved and with what we now know about the Angolan bank quotas and agricultural related loans having a capped interest rate well below Angola's standard intrrest rates, the company is now closer to fully funding the project than it was in the weeks prior to the cr when the sp was around 10c. While some react to the lower sp by selling, others react by buying.
I thought around 6c was a logical floor to the cr selling given the attaching options. The sp has gone a bit further and might still go a bit lower again. That's open for speculation. However one thing that I am confident of is that the upside from here when construction begins is much larger than the downside. Some here claim that might get delayed further. I disagree. If I buy at 6c and it falls to 5c before getting its funding, construction started and the sp rallies to 15c in a few months, should I care that I sat through another 1c loss before seeing that turn into a 9c profit, probably in a few months time? We can't know what the low will be in any stock until after the fact. Some can identify strong value when we see it.


https://thewest.com.au/business/mining/pilbara-minerals-cant-shake-off-the-lithium-detractors-as-shorting-interest-climbs-to-a-new-zenith-c-14499180

https://www.copyright link/markets/equity-markets/aussuper-takes-on-hedge-funds-with-5pc-stake-in-pilbara-minerals-20231201-p5eoa9